The markets are likely to trade range-bound in today’s session following global cues. The rupee movement and the IIP data for March due later today will also be keenly watched. Global stocks advanced for the first time in seven sessions on Thursday on relatively encouraging US jobs data.
The Dow Jones industrial average closed up 0.2% at 12,855, while the Standard & Poor's 500 Index rose 0.3% to 1,358.
Asian shares, however, retreated on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%, while Japan's Nikkei share average opened up 0.1%.
Back home, the Nifty is likely to seek support around 4,930-4,910, while it can face resistance around 5,000-5,020, analysts say. At 710 am Indian Standard Time, the SGX Nifty was trading at 4,934 – down 0.6%.
Among individual stocks, Cipla, Sintex and Escorts will react to their respective March quarter results declared on Thursday.
Rakesh Jhunjhunwala has bought an additional 2.24% stake in Aptech for nearly Rs 8 crore through an open market transaction.
SKS Microfinance plans to reduce its headcount by a third and shut some branches in Andhra Pradesh state amid mounting losses.
Kingfisher Airlines could face more trouble as pilots are threatening to join the agitation over salary delays.
DLF has set up a core team of five to six people to focus on the process of sale of non-core assets, reports suggest.
Also keep a tab on Dr Reddy’s Lab, Thermax, Moser Baer and MTNL as they will announce their respective March quarter results today.
Source : BS
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